Galaxy Digital backs $50M funding spherical for crypto staking outfit Figment


Mike Novogratz’s funding administration agency Galaxy Digital has reportedly participated in a $50 million funding spherical for Figment, a crypto staking startup.

In keeping with Bloomberg on Monday, Galaxy Digital joined traders like Anchorage and Bonfire Ventures in a Sequence B funding spherical led by Senator Funding Group and Liberty Metropolis Ventures.

The corporate is now reportedly value about $500 million following the recent injection of funding capital.

Commenting on the funding spherical, Lorien Gabel, CEO of Figment, stated that the funding marks a “new chapter” for the agency.

The announcement additionally included a quote from Novogratz describing the yield producing potential of proof-of-stake (PoS) as an “essential catalyst” in incentivizing larger institutional curiosity in digital property.

PoS is an alternate consensus protocol to proof-of-work that replaces the computational necessities for transaction validation within the latter with a system primarily based on the validator’s stake within the community.

Certainly, Figment reportedly stakes greater than $7 billion value of digital property for over 100 institutional shoppers and is seeking to upscale its workforce to additional develop its enterprise operations.

Associated: JPMorgan report: Eth2 may kick-start $40B staking trade by 2025

Novogratz’s feedback about PoS driving institutional adoption of digital property are already enjoying out within the crypto area. Corporations like European telecom large Deutsche Telekom are concerned within the cryptocurrency staking enviornment.

As beforehand reported by Cointelegraph, Deutsche Telekom lately tapped Coinbase Custody because the most well-liked custodian of its staked Celo (CELO) tokens. Certainly, the corporate can also be a validator on the Celo community through its T-Techniques MMS subsidiary.

Again in July, Swiss-licensed digital asset financial institution Sygnum grew to become the primary financial institution to supply Ethereum 2.0 staking companies to institutional shoppers. Certainly, Ethereum’s transition to PoS has been tipped to have profound implications for the rising “Staking as a Service” market.